§436C-4 - Judicial finding of financial hardship; guidelines.
[§436C-4] Judicial finding of financial hardship; guidelines. If a licensee or license applicant who is the subject of a certification issued pursuant to section 436C-3 declares to the court that the default cannot be cured without financial hardship, the court may consider the following in determining whether financial hardship exists:
(1) That the administering entity had notice of the defendant's financial hardship prior to initiation of civil proceedings in the form of a completed statement of financial status and a request for deferment, forbearance, loan consolidation, extension of the repayment schedule, or a graduated or income-sensitive repayment plan;
(2) Findings made pursuant to section 636-4;
(3) The earning potential and borrowing capacity of the licensee or license applicant and any spouse relative to the cost of reasonable necessities; and
(4) Avoidance of extreme and inequitable changes in the licensee's or license applicant's income. [L 2003, c 133, pt of §2]